PAIRAPHRASE & RED CEDAR VENTURES CONVERT NOTE TO EQUITY DEAL
Conversion to equity signals continued investor confidence in the web-based language translation software market and provides continued growth opportunities for Pairaphrase.
BIRMINGHAM, Mich., Jan. 9, 2023 /PRNewswire/ -- Enterprise language translation software company Pairaphrase announced today its equity deal with Red Cedar Ventures, a Michigan State University (MSU) Foundation-funded venture capital firm.
Its online translation software product obtained pre-seed funding from the firm in the form of a convertible note in 2019 when it was one of five companies accepted into that year’s MSU Conquer Business Accelerator program. Red Cedar Ventures has decided to convert its note to equity.
Funding from RCV has allowed Pairaphrase to expand its marketing efforts and add multiple platform enhancements to continue its mission to solve the world’s translation challenges. Over the past 2 years, Pairaphrase’s annual revenue has grown 30%.
“We are thrilled to continue to see the progress of the company and excited about next steps. We appreciate all the support including Red Cedar Ventures as an equity partner. This opportunity will help catapult Pairaphrase toward further growth and provide our users with the best translation management system possible,” says Pairaphrase CTO & CMO, Rick Woyde.
Red Cedar Ventures’ vision is to be the leading Mid-Michigan Venture Fund providing economic impact for the region and the state with new jobs, new companies, and value-added partnerships.
“We always appreciate supporting and investing in Michigan growth-oriented startups like Pairaphrase, said RCV’s Executive Director Jeff Wesley. Watching the team grow through the Conquer Accelerator and mentoring them through the years prior has set the stage for continuing to convert our investment and see the company through the next stage of its commercial growth.”
Pairaphrase puts advanced translation technologies into the hands of everyday business users to reduce the time and costs associated with the production of secure, high-quality translations. For more information about Pairaphrase, please contact Rick Woyde at email@example.com or visit https://www.pairaphrase.com.
About Michigan State University Research Foundation
Established in 1973 as an independent non-profit, the Michigan State University Research Foundation is committed to the commercialization of cutting-edge technologies invented by MSU faculty, staff, and students. The MSU Foundation’s overarching goal is to support research, innovation, and entrepreneurship at the University. Additionally, the MSU Research Foundation operates Spartan Innovations, Red Cedar Ventures, Michigan Rise and incubator facilities to help drive economic development. More information on the organization’s notable achievements, services, leadership, and history are available at www.msufoundation.org.
FOR MORE INFORMATION:
Rick Woyde, CTO & CMO
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